Gains for wheat and cattle futures

Market Line July 27, 2011 Wheat futures were higher Tuesday. A lower dollar was cited as was support from corn. A reduction in the condition ratings for the U.S. corn crop by USDA was behind corn’s gains and department meteorologist Brad Rippey says more heat is on the way for parts of the corn belt.

Rippey: “There will be another round of stress on reproductive summer crops especially in the Ohio Valley, perhaps stretching as far north as the lower Great Lakes region, towards the end of this week with another round of heat, humidity and lack of over night cooling.”

The U.S. winter wheat harvest was 75 percent complete to start this week. Of course in the PNW it is just beginning with Oregon the most advanced at only seven percent cut, well behind last year and the five year average.

Russia continues to dominate the Egyptian wheat market selling it another 120-thousand metric tons of wheat.

On Tuesday Chicago September wheat up 5 ½ cents at 6-94. September corn up eleven cents at 6-89 ¾. Portland soft white wheat and club wheat steady to a dime higher at 6-93. New crop August white wheat higher at 6-90 to 7-05. Hard red winter 11.5 percent protein up a dime at mostly 8-10. DNS 14% protein two to eight cents higher at 10-02.

Cattle futures were higher Tuesday despite some cash fed cattle selling lower than last week at 107. One factor cited was the lower dollar which is good for beef exports and they have been running strong. August live cattle up 105 at 111-70. August feeders up a nickel at 136-10. August Class III milk down sixteen cents at 21-10.

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